50/30/20 budgeting worksheet

50/30/20 budgeting worksheet

Track and visualize your income and spending for an average month to see how

it compares to an ideal budget. If you don¡¯t normally keep track of your spending,

using a budgeting tool like for a month might be helpful.

1.

Look at your spending for one month, and record your data on this page.

Then continue to step 2 on the next page.

Monthly Income:_______________________________________________

your average take-home pay for the month

NEEDS

WANTS

Housing:____________________________________ $

monthly spending on rent or mortgage

Other Spending:_____________________________ $

everything else you spend money on like restaurants,

bars, phone, cable, hobbies, personal care, shopping,

travel and other household spending

Utilities:____________________________________ $

monthly spending on electricity + water

+ gas + internet (excludes phone and cable)

Groceries:__________________________________ $

monthly spending on groceries

Healthcare:_________________________________ $

monthly spending on healthcare + health insurance

Transportation:_______________________________ $

monthly spending on car loan + car insurance + gas, +

public transportation

Childcare:___________________________________ $

monthly spending on childcare

Total Needs:_________________________________ $

add housing + utilities + groceries + healthcare +

transportation + childcare

SAVE

Savings &

Debt Repayment:_____________________________ $

what you have left over at the end of the month + money

you put towards paying off credit card debt, student loans

and any other debt

2.

On this page fill out the lines starting from the bottom. Then continue to step 3.

$

total monthly income

3.

After you¡¯ve filled in

the lines, color in the

value of your needs,

wants and savings

starting from the

bottom with needs.

They should equal

your monthly income,

and fill in the bar.

Savings and

debt repayment

$

monthly income x.9

$

monthly income x.8

$

monthly income x.7

Color Key:

$

monthly income x.6

Savings and

debt repayment

Wants

Needs

30% of your

monthly income

monthly income x.5

$

monthly income x.4

monthly income x.3

Then compare to the

50/30/20 budgeting

guideline. Ideally, this

is what you should be

spending each month

on your needs, wants,

and savings.

What you

should be

spending on

wants

$

$

4.

20% of your

monthly income

$

monthly income x.2

$

monthly income x.1

$0

What you

should be

spending on

your needs

50% of your

monthly income

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